Arab Bank for Economic Development in Africa expects financing to touch US$2.5bn
Abu Dhabi, UAE--The Arab Bank for Economic Development in Africa (BADEA) expects the bank's annual financing to reach US$2.5 billion...
Economy
TAQA, JERA sign pact with SATORP to develop plant in Saudi ArabiaÂ
ABU DHABI, UAE – Abu Dhabi National Energy Company (TAQA), together with JERA Co., Inc on Thursday announced that they...
Business
Business
ADGM’s Registration Authority fines KPMG Lower Gulf $30,000
Abu Dhabi, UAE -- The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has fined ADGM-registered audit firm, KPMG...
- ADGM audit regulatory framework requires audit reports to be issued and signed by ADGM Registered Audit Principals on behalf of an ADGM Registered Auditor.
- Prior to imposing the penalty, the RA had engaged in ongoing communication with KPMG over a period of several months, ADGM said.
Business
Viacom18 nets Indian cricket broadcast rights for $721 million
Media rights are a huge earner for the Board of Control for Cricket in India (BCCI), one of the richest...
- The agreement priced the average match nearly 13 percent higher than the $944 million rights deal for 2018-23 signed by Star, Disney's local subsidiary.
- Star had held the rights to broadcast international matches since 2012 and was also a bidder in Thursday's auction, along with Sony Sports.
Geostrategy
Qatar Credit Bureau, Supreme Judicial Council to share data
DOHA, QATAR - Qatar Credit Bureau signed a memorandum of understanding (MoU) with the Supreme Judicial Council (SJC) pertaining to...
- The primary objective of this cooperation is to regularize the electronic connection between the bureau and SJC.
- SJC will supply the bureau with the outcomes of the rulings related to its work in quest of achieving data accuracy.
Business
Saudi Arabia’s oil exports down 33.4 percent in second quarter
Riyadh, Saudi Arabia -- Saudi Arabia's oil exports fell by 33.4 percent to SAR 227.7 billion ($60.70 billion), from SAR...
- The value of exports amounted to SAR 291.6 billion in Q2 2023, down from SAR 427.8 billion in Q2 2022.
- The share of oil exports in total exports decreased from 79.9 percent in Q2 2022 to 78.1 percent in Q2 2023.
Business
Borouge to pay $650m H1 dividend
The interim dividend is equivalent to 7.9 fils per share.
- The interim dividend will be paid to shareholders who have purchased Borouge shares as of 7 September 2023.
- This represents the first part of the expected total FY 2023 dividend of $1.3 billion (AED4.8 billion), equivalent to 15.8 fils per share.
Business
EGA H1 net profit $533 million
The firm expects growth in primary production and recycling business.
- EGA announced H1 2023 adjusted EBITDA of AED4.2 billion ($1.1 billion). EGA’s aluminum segment adjusted EBITDA margin was 27 percent, leading global industry peers.
- EGA’s average realized London Metal Exchange price for its aluminum was $2,359 per ton compared to $3,063 per ton during H1 2022.
Business
Microsoft bows to EU competition concerns over Teams
In a bid to address the concerns, Microsoft will unbundle Teams from its Microsoft 365 and Office 365 suites in...
- EU Commission launched the investigation in July to see whether the US tech giant was "abusing and defending its market position" by bundling the software together
- Microsoft bundles Teams with its cloud-based Office 365 and Microsoft 365 suites, which include its popular Word, Excel, Powerpoint and Excel programmes
Economy
In China, Baidu leads public rollout of AI chatbots
China issued new regulations this month for the country's AI developers that maintain the government's tight control on information while...
- Chinese generative AI apps must "adhere to the core values of socialism" and refrain from threatening national security
- By making ERNIE widely available, Baidu will be able to gain "massive" human feedback to improve the app at a swift pace
Business
SAMA licenses new company to provide E-wallet solutions
Riyadh, Saudi Arabia - The Saudi Central Bank (SAMA) licensed “Alhulul AlMubassatah Financial Company (SiFi)" to provide E-wallet solutions. With SiFi,...
- With SiFi, there are now 25 licensed companies offering payment services in Saudi Arabia
- SAMA is endeavoring to support the payments sector and increase efficiency of financial transactions
UBS gives peek at operations after Credit Suisse merger
Analysts have said UBS's own operating results will surely "take a backseat" to interest in how the integration process is...
- UBS's second-quarter income statement will mark the first results presented since the mega-merger that rocked Swiss banking earlier this year
- Investors and employees alike are also eager for clues as to the fate of Credit Suisse's Swiss division, as well as what level of job cuts to expect
Arab Bank for Economic Development in Africa expects financing to touch US$2.5bn
Abu Dhabi, UAE--The Arab Bank for Economic Development in Africa (BADEA) expects the bank's annual financing to reach US$2.5 billion...
Economy
Company News
Uber, Kia sign EV partnership
Business
DP World signs MoUs in India
Business
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Saudi, UAE report highest levels of gross debt
Infographics
Robots save UAE’s finance ministry 39,000 working hours
Dubai, UAE -- UAE's Ministry of Finance has saved 39,000 hours of human labor by using bots, software applications that...
Business
Saudi Aramco halts plan to raise production capacity
Tuesday's announcement was not expected to have an immediate effect on production or exports. After a series of oil supply...
Business
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Business
Hong Kong court orders liquidation of China’s Evergrande
Evergrande's demise has been closely watched as it was once a pillar of China's economy, with the construction and property...
- The order kickstarts a long process that should see Evergrande's offshore assets liquidated and its management replaced
- The company's executive director vowed the Hong Kong court's decision would not impact its operations domestically
Business
Bahrain and Hungary aim to boost trade, investment ties
Budapest, Hungary--Bahrain and Hungary have held discussions to boost economic and trade ties between the two countries.In this regard, Khalid...
- Chairman of Bahrain Chamber of Commerce and Industry said the Bahraini-Hungarian Business Forum aimed to boost trade, investment ties between the two countries
- According to Gabor Jenei, the CEO of Hungarian Export Promotion Agency (HEPA), Hungary's exports to Bahrain reached $15m and Bahrain's exports to Hungary at $8m
Business
Ghitha 2023 revenue at $1.2bn
Ghitha reported an operating profit of $69 million in 2023.
- Ghitha's revenue milestone indicates a significant growth rate of over 100 percent compared to 2022.
- This is due to the successful execution of strategic acquisitions and expansion across diverse categories.